40 N Brent Street, Ventura, CA 93003

$2,600,000
8
BD
8
BA
4,400
SqFt
List Price
$2,600,000
Status
ACTIVE
MLS#
24356807
Year Built
1950
Bedrooms
8
Bathrooms
8
Living Sq. Ft
4,400
Lot Size
19,126
Acres
0.44
Days on Market
12
Property Type
Multifamily
Stories
Two Levels

Property Description

We are proud to present 40-54 N Brent St, an 8-unit multifamily property located in one of the best pockets of Ventura, CA. The property is directly across the street from the Community Memorial Hospital and walking distance to all the shops and restaurants that Main Street has to offer.The city of Ventura doesn't have any local rent control laws, meaning this property is only subject to California's AB-1482. This limits annual rent increases to 5% + CPI with a ceiling of 10%. Currently, AB-1482 properties can be increased by about 8% per year. Buyer should rely on their own due diligence. This 8-unit multifamily property was built in 1950 and sits on a very large 19,126 SqFt Lot (0.44 Acres). The 8 units are split equally into two separate 4-unit buildings with a driveway between them leading to the large parking and grass area in the back. All 8 units are 1 bed / 1 bath units of approximately 550 square feet each. Most units have been renovated since the current owner bought the property about 12 years ago. With that said, there's still ample upside available for a savvy investor looking to maximize this property's potential. Currently, these 1 bed units are bringing in an average rent of $1,945/month which is about 16% below full market rents in the area. Furthermore, this huge lot provides an investor the ideal property to build up to two additional ADUs at the back of the lot without having to sacrice much if any parking. There are 11 total parking spots with 8 covered spaces and ample room for more surface parking in the back of the large lot. The well maintained grass area in the back provides great scenery for the tenants, but as we mentioned before, would be the ideal place to build a couple ADUs on.

Additional Information

Attached Structure
Detached
Number Of Units Total
8

Listing courtesy of Listing Agent: Filip Niculete (info@laaa.com) from Listing Office: Marcus & Millichap.

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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.